Caribe Towers Inc

Nonprofit profile at a glance

EIN
752987568
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Philadelphia, PA, USA
Phone
2154268025
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$694,172
Expenses
$863,665
Assets
$5,785,680
Liabilities
$8,448,339

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

3 people listed

Highest reported compensation

  • DAVID GONZALEZ (PROPERTY MAN): $197,401 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide low-income housing for the elderly.

What it reported doing in 2024

Providing 57 units of low-income housing for the elderly. This is the program for which the organization was established, and tax-exempt status granted by the internal revenue services.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 60
  • Accountability: 90
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -24.4%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 6.7; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 1.46; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 1.5%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: -2.1% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91% of spending went to programs
  • Governance: 2 of 2 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $786K in reported program spending
  • Leadership: top reported pay $197K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 8/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Review — Sustainability: Officer compensation ratio scored 59/100.